The iconic journalist was joined by special celebrity guests, all 11 co-hosts from the show's history and a group of anchorwomen who credited the 84-year-old with inspiring their careers.
Hillary Clinton was first to surprise the broadcasting veteran, telling her: "I can't believe this day has come, and I can't believe it's for real."
Actor Michael Douglas, a longtime friend of Walters, also made an appearance and joked that if Clinton does run for president in 2016, the host "would make a great vice president".
Oprah Winfrey's arrival on set was a double surprise, as she introduced the TV pioneer to 25 female broadcast journalists from every major news network.
The Legacy of @BarbaraJWalters! #CelebrateBarbara #TheView pic.twitter.com/zSoiM8wjKR
ā The View (@theviewtv) May 16, 2014
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The women, including Diane Sawyer, Katie Couric, Robin Roberts, Gayle King, Connie Chung and Joan Lunden, revealed that it was Walters who led them to pursue a career in newscasting.
"You shattered the glass ceiling for so many women," added Winfrey. "You're the reason I wanted to be in television.
"I want to thank you for being a pioneer, and everything that that word means. It means being the first: the first to knock down the door, to break down the barriers, to pave the road that we all walk on."
"You are my legacy," a tearful Walters replied to the group.
In a final sign-off, Walters looked back on her career and concluded: "When all of that is done, I can take some time and enjoy my View."
Off air, as the entire cast posed for a picture, she added: "I have to remember this on the bad days, because this is the best."
Walters, who created the female-fronted talk show 17 years ago, first announced her retirement from the panel in spring 2013.
She will remain an executive producer of the ABC show and will also contribute to the network's news output.
In recognition of her work, ABC recently renamed their news headquarters in New York the Barbara Walters Building.
